One Skill Away

[Scout]

I just read a line in one of the rich dad/poor dad books. Were he said most people are one skill away from really making it. He goes on to suggest looking into sales or business classes.

Did anyone take this approach and invest the time and if so what key "skills" did you pursue?

 

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[dkt91]

Define "really making it". For the one guy this can mean getting 2000$ per month without working. For someone else it can mean becoming a billionaire.

Depending on what "really making it" means for you, you need a different approach and a whole lot of different key skills. THE key skill in my opinion is the ability to learn quickly. From books, other people, other people's mistakes, your own mistakes. And persistence. And the ability to make things happen.

I myself ain't no big friend of sales or business classes. At some point you are going to realize that without practical experiences those classes won't bring you any further. 30 minutes of trying to sell something to a real person and 15 minutes thinking about what you did good and what you could have done better is worth more than a week with one sales class à 45 minutes per day. I'd rather buy a good book if I need to know some theory.
Just my very personal opinion.

 

[Scout]

Thanks dkt91, “making it” in the book is to get out of the Rat Race, which could be all sorts of different $$ levels.

For us the minimum is to live our current lifestyle without any earned income. Thats our base we are working towards but we have much larger goals. One of the reasons I posted this is I realized I have a 45min commute each morning where I can be listening to audio books and lectures. My thought was to focus in on key skills, (sales, accounting, memorization …) that could aid in future investments.

I concur that the practical experience and being able to learn quickly are key skills to make it happen particular if you are starting this a bit late as we are.

 

[dkt91]

It's surely no bad idea to listen to audio books during those 45 minutes every morning. However, there is no need to listen to things you don't need and that don't interest you either. For instance, I find accounting horribly boring and I have someone else do the accounting anyway so I don't have to learn anything about it except for some basics that can be learned within no longer than 1-2 hours.

Find out what skills you need for your particular business and what interests you. According to this choose the audio books, lectures and podcasts you listen to.

 

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[TaxGuy]

I myself ain't no big friend of sales or business classes. At some point you are going to realize that without practical experiences those classes won't bring you any further. 30 minutes of trying to sell something to a real person and 15 minutes thinking about what you did good and what you could have done better is worth more than a week with one sales class à 45 minutes per day. I'd rather buy a good book if I need to know some theory.
Just my very personal opinion.

rep+

I can vouch for the 6 weeks of sales training at my most recent job did nothing to prepare me for the reality of making cold calls and the person on the other side. Experience is the best teacher and if you need any guidance, there's plenty of great books out there at your local library

Thanks dkt91, “making it†in the book is to get out of the Rat Race, which could be all sorts of different $$ levels.

For us the minimum is to live our current lifestyle without any earned income. Thats our base we are working towards but we have much larger goals. One of the reasons I posted this is I realized I have a 45min commute each morning where I can be listening to audio books and lectures. My thought was to focus in on key skills, (sales, accounting, memorization …) that could aid in future investments.

I concur that the practical experience and being able to learn quickly are key skills to make it happen particular if you are starting this a bit late as we are.

This is why Cash Flow is such a great game and as far as making the most of your commute, make sure that you apply the knowledge as well. I was in the same position where I felt that a long commute was perfect for acquiring knowledge and read a few books in that time, but without applying any of it, I feel the time/knowledge has gone to waste. Keeping an active mind/body and doing a little bit at a time will help to maximize your commute and get you closer and closer to leaving the rat race!

 

[madison]

I have a 25 minute commute by train each morning. I spend the time reading (and sometimes re-reading) investment or business books (stocks, financial reporting, general business). During annual reporting season, I often look at company annual reports and financial data for stocks I already own or am looking at purchasing (putting what I learn into practice).

As others have already mentioned, focus on your interests/skills you wish to improve on to ensure you get the maximum benefit from your time.

And remember, learning is a continual and ongoing process.